Half-Year Results

25th January 2012

ITM Power (AIM: ITM) the energy storage and clean fuel company is pleased to announce its results for the year ended 31 October 2011.

Highlights

Operational

  • Achievement of CE marking for HFuel product platform and HPac40
  • Sale of HOST trial to Carillion plc
  • HFuel cost structure announced showing competitiveness with all other sources of hydrogen and lower than EU targets for 2015
  • HOST demonstrated that HFuel can be operated on-site and achieve ‘parity with petrol’ in the UK
  • Current product order book stands at £0.54m
  • Participation in EcoIsland project with IBM, Toshiba, Cable & Wireless, SSE, Southern Water
  • Nine patents granted and an additional seven patent applications filed
  • Dutch Fuel Cell Consortium MoU signed for the Benelux countries
  • Achievement of 2.1W/cm2 from ITM membrane materials in H2/Air fuel cells
  • Early results from OEM fuel cell evaluations have been encouraging
  • Participation in UK H2Mobility with the UK government, Daimler, GM, Hyundai-Kia, Nissan, Tata Motors, Toyota, Air Liquide, Air Products, BOC/Linde, SSE, Intelligent Energy, Johnson Matthey
  • Pilot agreement with M&S to deliver the UK’s first hydrogen fuel cell, materials handling trial using on site hydrogen generation on a commercial basis

Financials and Corporate

  • Grant funding of £269,000 recognised in the period (2010: £335,000)
  • New grant project awards of £942,000 (2010: £453,000)
  • First major EU grant of £460,000 awarded for SafeFlame, a further £1.5m in negotiation
  • Pre-tax loss for the period of £3.5m (2010: £3.1m) and net cash burn of £3.2m (2010 £2.2m)
  • Cash and short-term deposits at 31 October 2011 £9.0m (30 April 2011: £12.2m)

Outlook

  • Outlook positive with early revenue streams developing
  • Adoption of hydrogen in many applications accelerating
  • “HFuel Here” to be launched in May 2012 at All-Energy conference in Aberdeen
  • Grant funded project consortia are developing productive relationships

Prof Roger Putnam, Chairman of ITM Power commented:

“The UK H2Mobility initiative represents a very significant step forward for the UK in the adoption of hydrogen for transport. This, coupled with the EcoIsland project, places ITM Power at the heart of the emergence of this exciting new fuel industry.

“Building relationships has been a major focus for ITM Power over the last six months and the achievement of our first major EU grant is a sign of relationship development that will, we hope, result in significant commercial traction in 2012.”



Rebecca Markillie
Marketing & Communications
E: rlm@itm-power.com
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